Perception Capital II in a proxy filing today seeks a 6-month extension on its proposed merger with Spectaire, a solutions provider for customers to monitor, track and meet emissions targets via a patented micro-mass-spectrometer device. The SPAC wants to move the goalposts from May 1 Nov. 1.
As announced in January, the deal values Spectaire at a pro forma enterprise valuation of approximately $203 million.
Perception II in today's filing said 20,542,108, or 89.3%, of the 23 million shares sold in its ipo have been redeemed.
The transaction has no minimum cash condition and prior to signing the business combination agreement three months ago, Perception II entered into a forward purchase agreement with Meteora Capital for the full amount of the remaining cash in trust. That forward purchase agreement for an OTC equity prepaid forward transaction calls for the purchase of up to approximately 2.5 million Class A shares from holders who might elect to redeem. Read more.
Source: Perception Capital II Wants 6 More Months to Close Spectaire Deal